Petrol prices hiked for third day straight touches Rs 75.10 in Delhi diesel prices at all time high

Similarly, diesel price has also gained 22 paise and jumped from Rs 71.19 per litre to Rs 71.41 on Tuesday night. But prices were frozen thereafter. After a relief of 19 days, fuel prices have again started moving up in line with worldwide crude oil prices, as oil marketing companies have chose to pass on the burden to consumers after a freeze of 19 days, which started from April 24. The prices will slightly vary in bunks operated by different oil marketing firms.It has increased by 23 paise per litre when compared to Sunday's prices. In some cities, diesel prices have touched a record high while that of petrol are at a 56-month peak. Refiners add insurance, a few other charges as well as excise duty, state Value Added Tax (VAT) and Dealers commission to global fuel rate to determine the retail price.

There is, however, some good news for you as after rising consistently crude oil prices fell on Wednesday on reports that there would be ample supply despite a cut in oil production by OPEC countries and USA sanctions against Iran, which is a major crude oil export country. An analysis of historical fuel price changes by Indian Oil (IOC) shows the company had kept the prices static between 16 January 2017 and 1 April 2017, when the company followed fortnightly revision of fuel prices.

Petrol prices in other metros too were at a new high on Tuesday - Rs 77.65 in Kolkata, Rs 82.79 in Mumbai and Rs 77.77 in Chennai, according to Indian Oil Corporation. Diesel price has also hit its all time high since abolition of LBT here.

It may be noted that the gradual increase in prices of diesel and petrol were resumed after polling in Karnataka. Kuku Marwaha, President of Nagpur Truckers Unity, said that the transporters were bearing the brunt of high fuel prices. The prices, that are expected to fluctuate every day since the Government brought in place dynamic pricing system for petrol and diesel, there was a lull for about 18 days. The centre had cut excise duty on petrol and diesel by Rs 2 per litre in October last year for the first time in four years.

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